Health and retirement benefits jump as key reasons employees join or stay with employer

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[{"type":"text","content":"WTW survey of US employees reveals uptick in willingness to pay extra for better health and retirement benefits\n ARLINGTON, Va., April 19, 2022 (GLOBE NEWSWIRE) -- With the tight labor market showing little sign of abating, the importance of health and retirement benefits to attract and keep workers has soared to its highest level in a decade. Additionally, the number of employees willing to pay for more generous benefits has rebounded following a dip during the pandemic. These are among the key findings in a survey of more than 9,600 U.S. employees by WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, broking and solutions company. According to the survey, six in 10 employees (60%) cited their employers’ retirement benefits as an important reason they remain with their current employer, compared with 41% in 2010. Nearly half said their company’s retirement programs (47%) and healthcare benefits (48%) were important reasons why they joined their employers, versus just 25% and 32% in 2010, respectively. The survey also found more employees are willing to have additional money deducted from their paychecks for better benefits. Nearly six in 10 employees (59%) said they would pay more for a larger, more generous retirement benefit, up from 54% in 2020. Nearly half of employees (46%) would forgo more pay for a more generous healthcare plan versus 36% in 2020. The number of workers willing to pay more for both benefits had dropped from 2019 to 2020. “While employees still look at pay as the most compelling reason to stay or leave a company, health and retirement benefits have become a much more significant factor in their decision-making process,” said Monica Martin, senior director, Retirement, WTW. “In this tight labor market, organizations that understand the importance that employees place on these core benefits and that provide highly valued benefit programs can differentiate themselves in their effort to become an employer of choice.” In an analysis of the employee benefit priorities, the survey found the most important benefit that employees want their employers to focus on is retirement (44%) followed by flexible work (39%). Among those who want their employers to focus on retirement, nearly two-thirds (62%) are seeking a guaranteed retirement benefit, over half (58%) are looking for more generous retirement...

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